After a bumpy ride into the public markets, shares of Avantair, Inc. (OTCBB: AAIR) could be ready to take flight.
by Matt Ragas | Jun 07, 2007 5:03am EDT
While dwarfed in size by industry leader NetJets, Clearwater, Fla.-based Avantair is the only independent, publicly traded “fractional” aircraft operator. The fractional aircraft category has exploded in growth over the past decade as more corporations and high-net worth individuals look to gain the advantages of private air travel without the hassles and costs that come with buying an entire plane outright.
Founded just four years ago, Avantair operates a fleet of 33 Piaggio Avanti P-180s, a light turboprop aircraft, which compete with light jets on a price basis, but have the cabin size of a mid-sized jet. Importantly, the Avanti uses 30%-50% less fuel than comparable jets, leading to annual operating costs that are 40% lower than its peer aircraft. The Avanti also doesn’t have the cabin noise issues of older turbo-props. Avantair is the exclusive North American provider of fractional aircraft shares in the Avanti.
Avantair quietly came public in February of this year when Ardent Acquisition Corp. (OTCBB: AACQU), a special purpose acquisition company (SPAC), acquired the operating assets of Avantair. The acquisition injected much needed additional capital into the upstart fractional operator. Ardent, which has a management team with substantial aviation industry experience, reviewed 70 potential targets before deciding upon Avantair.
